The Federal High Court in Abuja has refused bail to three promoters of the collapsed cryptocurrency platform CBEX, accused of defrauding Nigerians of over $1 billion.
Justice Emeka Nwite made the ruling on June 30, 2025, after hearing bail applications from the suspects’ lawyers. The Economic and Financial Crimes Commission (EFCC) had arrested the promoters following allegations that they used CBEX and a company called ST Technologies to lure investors. After collecting huge sums, the platform suddenly became unreachable, locking out users from their funds.
The judge said the evidence against the accused is strong and noted that the EFCC had already obtained a court order to detain them. Although no formal charges were filed when bail was requested, charges have since been filed and will be heard alongside any future bail applications.
Justice Nwite also dismissed claims that one defendant needed urgent medical attention, saying the EFCC could provide hospital care if necessary.
Recall that on April 21st, 2025, Daily Tech Nigeria reported that Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), warned that “becoming influencers or introducing meme coins that do not benefit the Nigerian public will not be tolerated.” He also stated that promoting unregistered or fraudulent investment schemes now carries severe legal consequences, including up to 10 years in prison and fines of at least ₦20 million under the new Investments and Securities Act (ISA) 2025.
This decision is a key step in the ongoing investigation into one of Nigeria’s largest crypto scams. The EFCC continues to pursue the case as authorities seek justice for the many victims.
